Georgia has three tax credits that may be applicable to you as a business owner or you individually. Two of the tax credits relate to education. The third tax credit is for rural hospitals. You can apply for the tax credits, and if they are available, give to these programs and get a Georgia state …
Next to payroll, state sales taxes represent probably the most complex element of your accounting tasks. QuickBooks can help with the mechanics, but there is a lot you need to learn before you can start charging and paying them. Here is an example: Is your company located in a destination-based or origin-based state where taxes are concerned (do you …
If you’ve invested in Bitcoin and decide to sell you need to consider the impact of virtual currency transactions on your taxes. Here’s what you should know: Background Prior to 2014, there was no IRS guidance and many people did not understand that selling virtual currency was a reportable transaction. They may have found themselves …
A number of end-of-year tax planning strategies are available to business owners that can be used to reduce their tax liability. Here are a few of them: Deferring Income Businesses using the cash method of accounting can defer income into 2020 by delaying end-of-year invoices, so payment is not received until 2020. Businesses using the …
Certain energy-efficient home improvements can cut your energy bills and save you money at tax time. While many of these tax credits expired at the end of 2016, tax credits for residential and non-business energy-efficient solar technologies do not expire until December 31, 2021. Here are some key facts that you should know about these …
Solar Technology Tax Credits Still Available for 2019 Read More »
New variations of tax-related scams show up at regular intervals, the most recent one related to Social Security numbers. Don’t be fooled, however; it’s nothing more than a new twist on an old scam and yet another attempt to frighten people into returning “robocall” voicemails. How the Scam Works Con artists claim to be able …
New Twist on the Social Security Number (SSN) Scam Read More »
With the end of the year fast approaching, now is the time to take a closer look at tax planning strategies you can use to minimize your tax liability for 2019. General Tax planning Strategies General tax planning strategies for individuals include postponing income and accelerating deductions, and careful consideration of timing-related tax planning strategies …
A safe harbor is now available for taxpayers seeking to claim the section 199A deduction with respect to a “rental real estate enterprise.” What this means is that certain interests in rental real estate – including interests in mixed-use property – are allowed to be treated as a trade or business for purposes of the …
